Air travel in the doldrums until 2024 - Lufthansa
It could be another 4 years before air travel demand bounces back.
That's the latest warning from Germany's Lufthansa.
On Thursday (Aug 5) it reported its worst ever quarterly operating loss in its 65 year history.
The steep drop in revenue saw the airline lose 1.7 billion euros or just over $2 billion.
Lufthansa said the collapse in demand for air travel meant it carried 96% fewer passengers between April and June than a year earlier.
Leading to the 80% drop in Q2 revenue.
Germany's flagship carrier has made some major cuts to try and weather the turbulence.
And the company's CEO said on Thursday it would not be spared a "far-reaching restructuring".
Last month Lufthansa said it would cut 20% of its leadership positions and 1,000 administrative jobs.
It's seeking to repay a 9 billion euro state bailout.
The company has said forced redundancies can no longer be ruled out in Germany.
Lufthansa plans to increase short and medium-haul capacity to around 55% of the prior-year in the fourth quarter.
Rival Air France-KLM, which also secured state-backed aid, aims to operate at two thirds of capacity before the end of the year.
Lufthansa said it expects to post an adjusted operating loss in the second half of 2020.
